Quick Answer
QR code payments in Singapore run on SGQR, a single label that carries multiple payment schemes at once. PayNow is the most used of those schemes, moving money instantly between bank accounts. One sticker, many ways to pay, and the merchant only displays one code.
QR payments in Singapore work through SGQR, which is one label carrying many payment schemes at the same time. PayNow is the scheme most people actually use, moving money instantly between Singapore bank accounts. The merchant sticks up a single code, and you pay with whichever app on that label you happen to have.
That design is unusual, and it's the reason paying by QR here feels simpler than in most countries. Here's how the pieces fit, what it costs a business, and the limits that trip people up.
What is SGQR?
SGQR is Singapore's unified payment QR standard. Instead of a merchant taping up six different QR codes for six different apps, they display one SGQR label, and the logos printed on it tell you which apps it accepts.
It was launched on 17 September 2018 by an industry task force co-led by the Monetary Authority of Singapore and the Infocomm Media Development Authority, and it was the world's first unified payment QR code. At launch it was adopted by 27 payment schemes, including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH, and it was designed to replace more than 19,000 existing QR codes across the country over a six-month rollout.
The problem it solved was clutter. Before SGQR, a hawker stall might have a wall of stickers, and you still had to squint to work out whether yours was up there. Now the answer is on one label.
What is PayNow, and how does it relate to SGQR?
PayNow is Singapore's instant transfer service. It moves money between bank accounts using a proxy rather than an account number, so you send to a mobile number, an NRIC or FIN, or for businesses a UEN. It's separate from SGQR but rides on it, since PayNow QR adopts the SGQR specification.
The simplest way to hold the distinction: SGQR is the envelope, PayNow is one of the letters inside.
Adoption is close to universal. As of December 2025, PayNow had roughly 11 million proxy registrations, made up of about 6.3 million mobile numbers, 4.5 million NRIC and FIN registrations, and 0.5 million UENs. More than 9 in 10 Singaporeans and around 350,000 business entities are registered, according to figures published by MAS and the Association of Banks in Singapore.
That scale is why PayNow tends to be the default answer when someone asks how to pay you. It's also why a business without a PayNow UEN looks slightly odd to local customers now.
How do you pay with a QR code in Singapore?
Two situations, and they work slightly differently.
Scanning a printed code at a counter:
- Check the logos on the label so you know your app is accepted.
- Open your banking app or wallet and pick its scan function. Your phone's built-in camera usually won't do it, since payment apps need to handle the scan themselves.
- Scan the code.
- Check the merchant name that appears. This is the step people skip, and it's the one that catches fraud.
- Enter or verify the amount, then authenticate and confirm.
Paying a code on a screen: if you're paying from the same phone that's displaying the code, you can't scan it. Per IRAS guidance on PayNow QR, take a screenshot of the code, open your banking app, choose the scan function, then retrieve the screenshot from your photo gallery instead of using the camera. Verify the amount and confirm as normal.
Most people don't know the screenshot route exists, and it's genuinely useful whenever you're paying a government agency or an invoice on your own device.
How does a business start accepting SGQR?
You go through a bank or payment provider. Not through a QR generator, and this is worth being clear about.
- Register your UEN for PayNow with your business bank, linking it to your business account.
- Ask that bank or provider to issue your SGQR label. They generate the code and produce the sticker with the correct scheme logos.
- Display it where customers pay. At the counter, on the table, or on your invoices.
- Reconcile against your bank statement. PayNow lands directly in your account, so the record is the transfer itself.
Where a normal QR code still helps a Singapore business is everything around the payment: a menu, a review link, a booking form, a WiFi code for customers. Our guides on QR codes for restaurants and QR codes for small business cover those uses, and if you're printing anything customer-facing, read up on dynamic versus static codes first so you don't reprint later.
What are the limits and costs?
The limits catch people out more than the costs do.
| Question | Answer |
|---|---|
| SGQR registration cost | Free |
| PayNow QR transaction limit | Runs on FAST, industry limit up to $200,000 |
| What actually stops you first | Your own bank's daily local transfer limit |
| Currency | Singapore dollars, local payments only |
| Settlement speed | Near instant, straight to the bank account |
That second and third row matter together. The FAST industry limit is high enough that almost nobody hits it, but your personal daily transfer cap is usually set far lower by default, and that's what blocks a large payment. You can normally raise it in your banking app, though some banks impose a cooling-off period before the new limit takes effect.
On merchant costs, SGQR registration itself is free. What you pay after that depends on your bank or provider. PayNow transfers between bank accounts generally don't carry the merchant discount rate that card payments do, which is a large part of why small merchants here pushed for it. But terms vary between providers, so ask yours directly rather than assuming zero.
Are QR payments in Singapore safe?
The infrastructure is sound. The risk sits almost entirely in what a scammer can stick on top of it.
The system itself is regulated, runs on bank rails, and settles between accounts you control. The common scam isn't a technical attack on SGQR. It's a fake sticker pasted over a real one, or a QR code sent to you in a message that leads somewhere you didn't expect.
Four habits that cover most of it:
- Read the merchant name before confirming. Your app shows who you're paying. If it isn't the shop you're standing in, stop.
- Look for a sticker over a sticker. A physical overlay is the most common trick, and it's visible if you check the edges.
- Don't scan payment codes sent to you. Legitimate businesses ask you to scan at the point of sale or send a proper invoice, not a bare QR in a chat.
- Be suspicious of codes that ask you to receive money. Scanning should never be required to get paid. That framing is a known scam pattern.
If something looks wrong, pay another way. The few seconds you save by not checking are worth far less than the transfer you can't reverse.
What is changing with PayNow Gen2?
MAS and the Association of Banks in Singapore are working on the next version of the national instant payments infrastructure, announced as the PayNow Generation 2 study. It looks at four areas of enhancement across the needs of consumers, merchants, businesses and public agencies, with a Phase 1 report published in June 2026.
The date worth noting is that MAS and ABS said they will publish an implementation roadmap by the end of 2026. So nothing changes for you today, but if you're choosing a payment setup for a business now, it's reasonable to ask your provider how they plan to handle the transition rather than committing to a long contract without asking.
If you want the regional picture rather than just Singapore, our QR payment in Asia guide covers DuitNow, PromptPay, QRIS and the cross-border links between them.
What else do people ask?
Is SGQR the same as PayNow?
No. SGQR is the label format, and PayNow is one of the payment schemes printed on it. Think of SGQR as the envelope and PayNow as one of the letters inside. MAS and IMDA launched SGQR in 2018 covering 27 payment schemes, so a single sticker can accept PayNow, NETS, GrabPay and others at once.
Do you need a bank account to pay by SGQR?
For PayNow, yes, since it moves money between Singapore bank accounts. But SGQR carries multiple schemes, so you may be able to pay the same label with an e-wallet instead. Check which logos are printed on the sticker. If the app you have is not listed, that merchant cannot take your money that way.
How much does it cost a business to accept PayNow QR?
Registering for SGQR itself is free. What you pay depends on your bank or payment provider, and PayNow transfers between bank accounts typically carry no merchant discount rate, unlike card payments. Ask your bank directly about fees for PayNow Corporate, since terms vary and some providers bundle it with other services.
What is the transaction limit for PayNow QR?
PayNow QR runs on FAST, which has an industry transaction limit of up to $200,000. In practice your own bank's daily local transfer limit is what will stop you first, and that is usually much lower and adjustable in your banking app. PayNow QR is also for local payments in Singapore dollars only.
Can tourists use SGQR in Singapore?
Partly. Tourists cannot use PayNow without a Singapore bank account, but SGQR labels often include international schemes and cross-border links, so an overseas wallet may work if its logo appears on the sticker. Look at the label before assuming. Cash or card remains the safer default for short visits.
Sources: Monetary Authority of Singapore, "Singapore Introduces World's First Unified Payment QR Code, SGQR", 17 September 2018, for the 27 payment schemes, the 19,000 codes replaced, and the MAS and IMDA task force. Inland Revenue Authority of Singapore, PayNow QR guidance, for the payment steps, the FAST transaction limit, and local currency restriction. Monetary Authority of Singapore and the Association of Banks in Singapore, PayNow Generation 2 study, for the December 2025 registration figures and the end-2026 roadmap commitment. This article is general information, not financial advice. Confirm limits and fees with your own bank.